The pound will make a comeback against the Euro in Q1 and may trade slightly weaker against the US dollar. That is because we imagine the ECB will signal a move into a more aggressive easing position in the first quarter. In any case, the pound will either serve as a safe haven from the euro in the event that EU tail risks return. Meanwhile, there may be little monetary policy dynamism in the UK as the market bides its time until Mark Carney assumes the helm of the Bank of England in June.